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Foreign companies not buying into the ‘reforms’ in Cuba

While the media and "Cuba Experts" continue their breathless praises for the economic "reforms" of the repressive and murderous Castro dictatorship in Cuba, foreign companies are singing a different tune.

In Some Good News

Pressed by Washington, Switzerland’s fourth-largest bank dropped its business with Cuba, Swiss media reported.Zürcher Kantonalbank (ZKB), which is state-owned, had picked up a Cuba portfolio after Swiss banking giants UBS and Crédit Suisse canceled their business with the island seven and five years ago, respectively.The Obama Administration has increased the financial pressure on Cuba, partly as a side effect of a crackdown on Iran and drug-related money laundering. The Treasury Department’s Office of Foreign Assets Control (OFAC) recently issued a record fine of $1.9 billion to Britain’s HSBC over alleged money laundering in Mexico and violations of the U.S. embargo.ZKB “cannot avoid paying attention to embargoes and blacklists,” a bank spokesman told finance newsletter Inside Paradeplatz. “After prominent competitors bid farewell to the Cuba business long ago, due to the U.S. embargo, Zürcher Kantonalbank is now pulling out of Cuba for the same reason.”

Seems as though all golf course development projects in Cuba have come to a complete stand still.There is not even any hype of development let alone announcements of any development deals.Of course this means Cuba is far away from breaking ground on any new golf courses in Cuba.The world is still waiting for the liberalization of real estate laws that would give foreigners ownership of their golf villas and condos so maybe that is one reason that Cuba golf course developers have nothing to say recently.

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